Tax & Accounting Blog

HMRC Drafts Anti-Avoidance Legislation

HM Revenue and Customs’ (HMRC) August 1st anti-avoidance legislative draft is a response to attempts by some UK taxpayers to exploit the existing framework for double taxation agreements (DTAs). With approximately 120 bilateral DTAs, the main purpose of the proposed UK legislation is two-fold: 1) Reinforce the right of the HMRC to ensure that individuals, … Read More

Onboarding Automation Gives Wealth Managers a Competitive Edge

Wealth management firms are missing opportunities to deepen client relationships and increase revenue during the account onboarding cycle according to the July report, Wealth Management Onboarding: Expanding beyond Account Opening, from Boston-based Aite Group. More than 70% of wealth management firms surveyed view client onboarding as either a back-office function that needs to be cost-contained or a … Read More

States Getting Serious About Swapping Income Tax For Sales Tax

Kansas and Missouri are leading the charge to eliminate state income tax, and replacing it with a more broad-based sales tax.  Opponents say this will unfairly shift the tax burden from the wealthy onto the middle class and create an even larger revenue gap in already hurting states, while supporters believe this will provide employers … Read More

FATCA Survey – Expected Cost Increases and Challenges

FATCA Survey – Expected Cost Increases and Challenges

Finance and tax executives in the banking industry expect compliance costs to increase significantly as a result of the Foreign Account Tax Compliance Act (FATCA) and say they will face numerous challenges trying to comply with the legislation given its broad scope and expanded reporting and monitoring requirements, according to a survey from KPMG LLP. … Read More